Norwegian Oil and Gas Workers Strike... Concerns Over Production Disruptions

[Asia Economy Reporter Jeon Jinyoung] As Norwegian offshore oil and gas field workers go on strike, the industry is concerned about production disruptions.

According to foreign media on the 5th, Norwegian workers began striking that day, demanding wage increases due to inflation.

Norwegian state-owned energy company Equinor estimated that oil and natural gas production would decrease by 89,000 barrels for the day due to the strike.

The Norwegian Oil and Gas Association stated that from the 6th, when the strike intensifies, oil production could drop to about 130,000 barrels per day (bpd), which is approximately 6.5% of Norway's total production.

They also analyzed that natural gas production is expected to decrease by about 292,000 bpd, roughly 13% of total production.

Foreign media predicted that if Equinor decides to implement a lockout on the 9th, 25% of Norway's total natural gas production facilities and 15% of oil production facilities could be shut down.

Due to the impact of the Norwegian strike, international Brent crude oil prices rose by about $1 per barrel in early trading that day. However, concerns over demand reduction due to an economic recession later led to a slight decline.

This content was produced with the assistance of AI translation services.